Petrol prices likely to go up by Rs 1.82/L this fortnight

PRESS TRUST OF INDIA

New Delhi, Nov 1: Petrol prices are likely to be increased by Rs 1.82 a litre this fortnight as a fall in rupee has increased the cost of imported crude oil. This will be the second hike in petrol prices in as many months.
 Though the pricing of petrol was freed from government controls in June last year, state-owned oil firms 'informally' take directions from the Oil Ministry. It remains to be seen if the government will concede to the demand of oil companies just before the winter session of Parliament.
 State-owned oil companies Indian Oil, Hindustan Petroleum and Bharat Petroleum last hiked petrol prices by Rs 3.14 a litre on September 16 when the rupee was ruling at about 48 to a US dollar. The local currency has depreciated further and is now trading at over 49 against the American unit. "From today, there are some losses on petrol. To cover them, we may have to increase prices," HPCL Director (Finance) B Mukherjee told reporters here.
 He said crude oil is hovering at around USD 108 per barrel in international markets. At current exchange rate, petrol price of Rs 66.84 per litre in Delhi corresponds to about USD 102 per barrel equivalent of crude oil price.

Lastupdate on : Tue, 1 Nov 2011 21:30:00 Makkah time
Lastupdate on : Tue, 1 Nov 2011 18:30:00 GMT
Lastupdate on : Wed, 2 Nov 2011 00:00:00 IST



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